[Edaily Marketin Song Seung-Hyeon Reporter Lee Geon-eom] "A lawyer who ultimately finds a viable solution is a true expert. Only by having experience executing deals with diverse structures and consistently staying abreast of the latest regulatory trends can one propose truly feasible solutions. Recently, as transactions involving a complex interplay of various issues—such as fair trade, taxation, finance, and national security—have become more common, the ability to design strategies that account for the complex risks surrounding M&A has become even more critical."

Choi Cheol-woong (1st Bar Exam), an attorney at Pacific Law Firm, outlined these criteria for a “power attorney” in an interview with E-Daily. After joining Pacific, Attorney Choi gained in-house experience as the head of the legal department at Korea POS Securities and as an executive at Fount, an artificial intelligence (AI) investment solutions company, before returning to Pacific in 2024. Attorney Park Jong-seung (5th Bar Exam), who also participated in the interview, is a partner who joined the firm in 2016 and has handled mergers and acquisitions (M&A) exclusively at Pacific Law Firm. Foreign attorney Hwang Yu-jin, a cross-border M&A expert, graduated from the University of Pennsylvania Law School and worked at the New York law firm Clifford Chance before joining the firm in 2020. All three are mid-level partners leading the day-to-day operations of Pacific Law Firm’s Corporate Legal Group. The group’s strength lies in its integrated advisory system, where various practice areas—including M&A, fair trade, taxation, financial regulation, international trade, environment, labor, and intellectual property (IP)—collaborate organically.

The “Middle Management”: Bridging the Gap Between Seniors and Juniors Without Role Boundaries

Pacific is undeniably one of the top-tier law firms in Korea for M&A legal advisory services. As such, it boasts a solid team of attorneys ranging from the first generation of M&A specialists—who have worked closely with clients for many years—to junior attorneys. The three attorneys agreed that their positions within the firm involve flexibly fulfilling whatever role is needed at any given moment, bridging the gap between the senior attorneys who meet with clients and the junior attorneys who handle due diligence and documentation.

The strengths each of the three has accumulated are distinctly different. Attorney Choi brings his experience as an in-house general counsel; Attorney Park, his track record in executing large-scale transactions worth trillions of won; and Attorney Hwang, his expertise in cross-border advisory for global private equity (PE) funds.

Recalling his time as Head of the Legal Department at POS Securities, Attorney Choi said, “Since returning to the firm, I’ve made a greater effort to understand the background and intent behind a client’s requests, and I’ve found myself consulting with clients first even when a query seems straightforward.” Regarding fintech and digital finance M&A, he added, “Since the acquirer’s equity stake or eligibility may be subject to restrictions, it’s crucial to consult with financial regulators from the initial structuring phase.”

Attorney Park has handled major deals worth trillions of won—including those involving Doosan Infracore and Korea Glass Industries—from the bidding stage through post-merger integration (PMI). He noted, “In large-scale transactions, conflicting interests are often intense, and negotiations frequently reach an impasse,” adding, “That is precisely when a lawyer’s role is most critical: finding a mutually acceptable solution for all parties based on industry characteristics and the client’s core needs.”

Attorney Hwang has repeatedly represented the world’s top global private equity firms, including KKR, Carlyle, Affinity, and EQT. He emphasized, “What global PE firms expect most from major domestic law firms is a deep understanding of Korea’s unique systems and industries,” adding, “They want us to comprehensively manage everything from regulatory approval processes to the decision-making structures specific to large Korean conglomerates, as well as reputational risks.”

“The person who finds a breakthrough when everyone else says it’s impossible”

With over a decade of experience in the M&A field, they unanimously agreed that changes in the regulatory environment—including revisions to the Commercial Act—have significantly influenced recent deal structures. Attorney Choi noted, “We see this particularly in M&A transactions that involve the process of delisting a company,” adding, “The Ministry of Justice’s guidelines regarding directors’ fiduciary duties are effectively treated as law, and there are increasing requests for the board of directors or special committees to attend meetings and provide feedback in real time.”

Attorney Hwang noted, “There has been a noticeable increase in advisory requests from global hedge funds and activist funds aiming to enhance shareholder value,” adding, “To safely complete a deal, we must scrutinize the composition of the target company’s board and the legitimacy of its decision-making procedures much more rigorously from the very early stages of the transaction.”

Consequently, the criteria for what constitutes a “power lawyer” are also changing. The three experts share the view that the complexity of deals is increasing more than their size. As the regulatory environment surrounding transactions changes rapidly, there are growing instances where antitrust, financial regulations, taxation, and international trade must be reviewed simultaneously; lawyers recognized by the market are those capable of comprehensively managing these issues.

Attorney Hwang said, “In my view, a ‘power lawyer’ is an expert who resolves the most difficult and high-stakes deals,” adding, “It is a lawyer who opens up a final breakthrough for the client when everyone else shakes their heads and says it’s impossible.” Attorney Park added, “A true ‘power attorney’ is one who can accurately discern what the client wants while possessing the experience, expertise, and tenacity to make it happen,” noting, “I still have a long way to go, but I’m striving to follow in the footsteps of my outstanding senior colleagues.”